Words Wednesday | Part 1

Words Wednesday

It is very important to understand the terminology used during a real estate transaction whether you are buying or selling.  I will post a blog each Wednesday (Words Wednesday) with a few real estate terms.  If you have any questions or are ready to buy or sell, please do not hesitate to call or email me. Cheryl Clossick (734)709-1683 or cheryl@cherylclossick.com.

Listing Agent:

Agent representing the seller.  The agent with the home listed for sale.  Paid by the seller.

Buyer’s Agent:

This is the agent representing the seller in the transaction. While this agent represents the buyer, they are paid by the seller.  If a buyer is being represented by the Listing Agent, please make sure you understand the form signed regarding Dual Agency.

Dual Agent (Dual Agency):

The agent will be representing both the seller and the buyer.  Be sure to read and thoroughly understand the Dual Agency form.

Listings:

Agents will often call homes for sale “listings”.  Homes listed in the MLS will have details about the home including the price.  You can view ALL AAABOR listings HERE.

Active Listing:

The home is currently available for a buyer.  It does not have an accepted Offer.

Contingent or Pending Listing:

The seller has accepted an offer but they have not closed yet.  They are in the process of obtaining inspections, appraisal and financing. Also called “Under Contract”

Stay Tuned.  Next Wednesday we will go over Offer, Counter Offer, Accepted Offer, Earnest Money and Contingencies.

Please feel free to contact me about any of these terms or about your personal real estate needs.

Cheryl Clossick, REALTOR

Associate Broker, GRI, ABR, SRES, ePro, CRS, RCC, RSC, SFR

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